(Answered) During 2009 spend-it corporation reported net income of 200

Finance

During 2009, Spend-it Corporation reported net income of $200 and paid a $40 dividend. Spend-it's December 31, 2008 statement of financial position reported the following items: common stock = $220, capital surplus = $180, retained earnings = $300. What is the value of the retained earnings account for the December 31, 2009 statement of financial position?

A. $160

B. $340

C. $360

D. $460

E. $540

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